Virgin Media has struck a deal with the BBC to give viewers access to hundreds of hours of extra coverage of major sports events next year, including live video streams from the London 2012 Olympics, through its TiVo service.

The wide-ranging deal will give Virgin Media customers access to "enhanced" BBC TV services – the additional video streams and interactive content accessed via the red button – for a range of the corporation's news and sports coverage next year.

Significantly, Virgin Media customers will now have access to all 24 streams of coverage that the BBC is broadcasting of various Olympic events.

However, the deal also covers the "red button" content of events including Formula One, Wimbledon and Euro 2012.

The additional video streams will only be available to Virgin Media customers who have a TiVo set-top box – a rival to BSkyB's Sky+ service that gives access to on-demand and interactive services.

The TiVo service had 222,000 subscribers as of 26 October, after launching in April. Virgin Media said it is gaining customers at the rate of one a minute.

The cable TV operator has a customer base of about 3.7 million.

Virgin Media will build a BBC sport app to go on the TiVo service which will go live in the first quarter of 2012.

The sport app will sit alongside a BBC News app, which is also under development, and the existing iPlayer catch-up TV service.

"2012 promises to be an unforgettable year for UK viewers and our customers can look forward to every minute of it," said Virgin Media's executive director of digital entertainment, Cindy Rose.

• To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".

• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook.